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Mortgage Valuation (MV)
What it is
When a bank, a building society or any other lender is looking to offer you a mortgage, they will usually want a Mortgage Valuation.
This is not a full survey - it's simply a way for the lender to
- check the basic condition of the property
- ensure it's a suitable security for the loan, and
- get an Open Market Valuation (OMV) - a realistic idea of what the property is worth in today's market.
What it does
It simply gives information about the property that might make a lender think again about lending money on it.
What you need to know
- It isn't a full survey - you will need to know more about the property than the Mortgage Valuation alone will tell you
- The Mortgage Valuation isn't really for you - the contract is between the lender and the valuer.
What we think
To make a well-informed decision whether or not to buy, you need a more detailed survey.
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